ISLAMABAD   -  In a major development, the federal government on Thursday has transferred secretary finance Yusuf Khan,  just six months after his posting.

Prime Minister Imran Khan brings in 6th federal Secretary Finance in 3 years.  According to the notification, Yusuf Khan, a BS-21 officer of Pakistan Administrative Service, presently posted as Additional Secretary (Incharge), Finance Division, has transferred and posted as Secretary of the Secretariat of Council of Common Interests, under Section 10 of the Civil Servants Act, 1973, with immediate effect and until further orders. 

Meanwhile, the government has appointed Hameed Yaqoob Sheikh as Secretary Finance. “Mr. Hameed Yaqoob Sheikh, a BS-21 officer of Pakistan Administrative Service, presently posted as Additional Secretary (Incharge), Planning, Development and Special Initiatives Division, is transferred and posted as Additional Secretary (Incharge), Finance Division, with immediate effect and until further orders,” said a notification issued by Establishment Division.  Meanwhile, Abdul Aziz Uqaili, a BS-21 officer of Pakistan Administrative Service, presently posted as Additional Secretary, Planning, Development and Special Initiatives Division, is transferred and posted as posted as Additional Secretary (Incharge), Planning, Development and Special Initiatives Division, with immediate effect and until further orders. The PTI government had changed its economic team several times. 

The government has so far brought four Finance Ministers, including Asad Umar, Abdul Hafeez Sheikh, Hammad Azhar and Shaukat Tarin in last three years.  Similarly, the government has brought six Finance Secretaries and six Chairmen Federal Board of Revenue. The government has also changed Chairman Board of Investment three to four times besides replacing Governor State Bank of Pakistan. 

The government has replaced Secretary Finance at the time when economic challenges are increasing. Inflation has gone into double digits, 11.53 per cent in November due to continuous increase in oil prices and currency depreciation. 

Pakistan trade deficit had recorded at highest ever level of $5.1 billion in November as against $1.9 billion in same month of previous year showing an increase of 162.4 per cent. This was the highest trade deficit recorded in a single month in terms of value. The Pakistan Stock Exchange (PSX) saw carnage in a turbulent day of trading, as a massive sell-off saw more than 2,100 points wiped off the benchmark KSE-100 index. The sell-off marked the largest single-day decline in a day’s worth of trading at the PSX during the 2021 calendar year, and the third largest in history.   On the other hand, rupee is continuously depreciating against US dollar.